Avidity Biosciences, Inc. Announces Pricing of Public Offering of Common Stock

LA JOLLA, Calif., Aug. 3, 2021 /PRNewswire/ — Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced the pricing of an underwritten public offering of 8,000,000 shares of its common stock at a price to the public of $18.00 per share. All of the shares to be sold in the offering are to be sold by Avidity. The gross proceeds to Avidity from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be $144.0 million. The offering is expected to close on or about August 6, 2021, subject to the satisfaction of customary closing conditions. In addition, Avidity has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock.

Avidity intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities: to complete its Phase 1/2 MARINA trial for AOC 1001; to advance AOC 1044 and its AOC FSHD program into clinical development; to further advance its AOC platform in and beyond its muscle franchise; and towards working capital and other general corporate purposes.

Cowen, SVB Leerink, Evercore ISI and Wells Fargo Securities are acting as joint bookrunning managers for the offering.

The securities described above are being offered by Avidity pursuant to a shelf registration statement that became automatically effective upon filing with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to this offering were filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC. The offering may be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at [email protected] or by telephone at (833) 297-2926; from SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at [email protected]; or from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, or by telephone at (800) 326-5897, or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Avidity

Avidity Biosciences, Inc.’s mission is to profoundly improve people’s lives by delivering a new class of RNA therapeutics – Antibody Oligonucleotide Conjugates (AOCsTM). Avidity’s proprietary AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. Avidity’s lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1 (DM1). The FDA has cleared Avidity to proceed with the Phase 1/2 MARINATM trial of AOC 1001 in adults with myotonic dystrophy type 1 (DM1). Its advancing and expanding pipeline also includes programs in facioscapulohumeral muscular dystrophy (FSHD), Duchenne Muscular Dystrophy (DMD), muscle atrophy and Pompe disease. The company is planning for AOC 1044, the lead of three programs for the treatment of DMD, and its AOC FSHD program to enter the clinic in 2022.  Avidity is also broadening the reach of AOCs beyond muscle tissues through both internal discovery efforts and key partnerships as the company continues to deliver on the RNA revolution. Avidity is headquartered in La Jolla, CA.

Forward Looking Statements

Avidity cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding Avidity’s expectations of market conditions and the satisfaction of customary closing conditions related to the public offering, the expected closing of the offering and the anticipated use of proceeds therefrom. The inclusion of forward-looking statements should not be regarded as a representation by Avidity that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Avidity’s business, including those described in the company’s prior press releases and the company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the company’s Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Avidity undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

CONTACTS:

Kathleen Gallagher
(858) 401-7900
[email protected]        

Amy Conrad
Juniper Point
(858) 366-3243
[email protected] 

SOURCE Avidity Biosciences, Inc.

Related Links

https://aviditybio.com/

Thornburg Income Builder Opportunities Trust Closes Public Offering of Common Shares

SANTA FE, N.M., Aug. 3, 2021 /PRNewswire/ — Thornburg Investment Management (“Thornburg”), a global investment firm that oversees $49 billion in assets,1 today announced that the Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD) has closed its previously announced underwritten public offering of 29,000,000 common shares of beneficial interest (“Common Shares”) at an offering price of $20 per Common Share.

As a result, the Trust received net proceeds from the offering of approximately $580 million. The Trust intends to invest the net proceeds from the offering in accordance with its investment objective and policies.

The Trust seeks to provide high current income and additional total return by investing in a broad range of income-producing securities. Using an active global allocation and a rigorous bottom-up fundamental investment process, the Trust invests in both equity and opportunistic fixed income located in the United States and around the globe, including emerging markets.

Thornburg Co-Head of Investments Ben Kirby, along with co-portfolio managers Matt Burdett and Christian Hoffmann, provide day–to–day management of the Trust’s portfolio and enforce a disciplined, repeatable process. They are supported by all members of the Thornburg investment team.

The lead managers of the underwriting syndicate were UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets, Stifel and Oppenheimer & Co.

About Thornburg

Founded in 1982, Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity and alternatives investing, the firm oversees $49 billion1 as of June 30, 2021 across mutual funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors. Thornburg is headquartered in Santa Fe, New Mexico, with additional offices in London, Hong Kong and Shanghai.

At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative, and our investment solutions are highly active, high conviction and benchmark agnostic. When it comes to finding value for our clients, it’s more than what we do, it’s how we do it: how we think, how we invest and how we’re structured.

For more information, visit www.thornburg.com or call (877) 215-1330.

About the Trust

The Trust’s investment objective is to provide current income and additional total return. The Trust seeks to achieve its objective by investing, directly or indirectly, at least 80% of its managed assets in a broad range of income-producing securities. The Trust will invest in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in non-U.S. domiciled companies, including up to 20% of its managed assets at the time of investment in equity and debt securities of emerging market companies.

Limited Term

The Trust intends to terminate on or before August 2, 2033 (the “Termination Date”). The Termination Date may be extended once for up to one year; once for up to an additional six months; and the Trust may conduct an eligible tender offer. Upon termination or the eligible tender offer, each common shareholder would be eligible to be paid its pro rata portion of the Trust’s net assets. If due to tendered shares the Trust’s net assets would total less than $100 million, then the Trust will begin to terminate on or before the Termination Date. Following the tender offer, if the Trust’s net assets are greater than $100 million, the Trust may eliminate the term structure upon a vote of its Board of Trustees.

Investment in the Trust involves special risk considerations. The Trust is designed as a long-term investment and not as a trading vehicle. The Trust is not intended to be a complete investment program. The Trust’s performance and the value of its investments will vary in response to changes in interest rates, inflation and other market factors. Investors should consider the risks as well as other information in the Trust’s prospectus. Shares of closed-end funds trade in the secondary market and may frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission. An offer will be made only by means of the prospectus. An investor should carefully read the Trust’s prospectus, which includes a discussion of investment objectives, risk factors, fees and expenses, before investing. A copy of the final prospectus relating to the offering may be obtained from the Trust at 877-215-1330 or contact your financial advisor.

Certain statements in this press release constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Trust, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Trust nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Risk is inherent in all investing. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

NOT FDIC INSURED      NO BANK GUARANTEE      MAY LOSE VALUE

Thornburg Securities Corporation, Distributor

Media Inquiries 
Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 (505) 467-5345
Email: [email protected]

1 Includes $46.7 billion in assets under management and $1.9 billion in assets under advisement as of June 30, 2021.

SOURCE Thornburg Investment Management

Related Links

www.thornburg.com

AMCI Acquisition Corp. II Announces Pricing of $150 Million Initial Public Offering

GREENWICH, Conn., Aug. 3, 2021 /PRNewswire/ — AMCI Acquisition Corp. II (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “AMCIU” beginning on August 4, 2021. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “AMCI” and “AMCIW,” respectively.

AMCI Acquisition Corp. II is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on investment opportunities centered around the themes of sustainability, decarbonization and energy transition.

Evercore ISI is acting as the sole book-runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at [email protected].

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 3, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking-Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Nimesh Patel
Chief Executive Officer and Director
AMCI Acquisition Corp. II
203-625-9200
[email protected]

SOURCE AMCI Acquisition Corp. II

Related Links

http://amciacquisition.com/

M.D.C. Holdings Announces Offering Of $350 Million Of 3.966% Senior Notes Due 2061

DENVER, Aug. 3, 2021 /PRNewswire/ — M.D.C. Holdings, Inc. (NYSE: MDC) today announced the pricing of a public offering of $350 million principal amount of 3.966% senior notes due August 2061 (the “Notes”) at 100% of par. The Notes will be general unsecured obligations of MDC and will rank equally and ratably with its other general unsecured and unsubordinated indebtedness. The Notes will be fully guaranteed on an unsecured basis, jointly and severally, by most of the Company’s homebuilding subsidiaries. MDC will use the proceeds of the offering for general corporate purposes, which may include the repayment of indebtedness.  The offering is expected to close on August 6, 2021, subject to customary closing conditions. 

The Notes will be issued pursuant to an effective shelf registration statement and are being offered by means of the prospectus included in the registration statement and the related prospectus supplement.  Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained at no charge by visiting the SEC website at www.sec.gov.  Alternatively, copies of the final prospectus supplement and accompanying prospectus may be obtained free of charge by contacting any of the joint book-running managers for the offering at their numbers below:

Citigroup Global Markets Inc.            1-800-831-9146
U.S. Bancorp Investments, Inc.          1-877-558-2607
Truist Securities, Inc.                          1-800-685-4786

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. 

About MDC

M.D.C. Holdings, Inc. was founded in 1972. MDC’s homebuilding subsidiaries, which operate under the name Richmond American Homes, have built and financed the American Dream for more than 220,000 homebuyers since 1977. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, RiversideSan Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle, Portland, Boise and Nashville. MDC’s subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit www.mdcholdings.com.

SOURCE M.D.C. Holdings, Inc.

Related Links

https://ir.richmondamerican.com

Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass., Aug. 3, 2021 /PRNewswire/ — Akebia Therapeutics, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, granted 14 newly-hired employees options to purchase an aggregate of 95,000 shares of Akebia’s common stock on July 30, 2021, as inducements material to each such employee’s entering into employment with Akebia. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $2.47 per share, which is equal to the closing price of Akebia’s common stock on the grant date. Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, in each case, subject to the new employee’s continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of the company’s Inducement Award Program and a stock option agreement covering the grant.

About Akebia Therapeutics

Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. The Company was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.

Akebia Therapeutics Contact
Kristen K. Sheppard, Esq.
[email protected] 

SOURCE Akebia Therapeutics

Related Links

http://www.akebia.com

Sportsyard is launching its ICO on August 7th

SAN DIEGO, Aug. 3, 2021 /PRNewswire/ — The company has built a state-of-the-art peer to peer betting platform. The site will officially launch when all licenses are in place according to each state and their laws.  Its betting platfom was built on the Ethereum network. The traditional bookmaker model is centralized and has certain inherent drawbacks which make it less appealing to tech-savvy or value-savvy sports users, which include: 

SportsYard is a decentralized sport betting exchange. A betting exchange differs from a traditional bookmaker (sports book) model by allowing users to bet against each other rather than placing a bet with a bookmaker. The exchange acts as a facilitator between the two users. Users can take one of two actions, they can either back or lay a prediction. The user who bets on the correct outcome wins the wagered amount.  

Ethereum is an open source blockchain that encapsulates all the advantages and features mentioned in the Blockchain Basics section. It is a transaction-based state machine called the Ethereum Virtual Machine (EVM). A state machine is, in this case a canonical computer, that will transition to a new state based on inputs (transactions in this case). Blockchain data is immutable, it cannot be deleting, but instead data can be appended to the chain. Every time a new transaction (new data) is added to the blockchain it is considered to have had a state change. Its state, or condition of the data, is different because more data was added. 

Sportsyard will only be selling to accredited investors.  

SOURCE SportsYard Inc

MIAX Reports Record SPIKES Futures Trading on MGEX

PRINCETON, N.J. and MINNEAPOLIS, Aug. 3, 2021 /PRNewswire/ — MIAX®, creator and operator of high-performance securities exchanges, products and services, today announced average daily volume for SPIKES® Futures in July, 2021 reached 1,596 contracts, a new monthly record.  In addition, SPIKES Futures volume on July 13, 2021 totaled a record 4,097 contracts.  An expanded group of market participants and a zero fee exchange policy that began July 1, 2021 are key factors driving volume growth.

SPIKES Futures are based on the SPIKES Volatility Index, which was designed by T3 Index and measures the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively traded ETF in the world. The futures contracts are listed on MGEX and accessed via the CME Globex® platform.

“The volume growth provides clear evidence that SPIKES Futures are being embraced as a new product to trade volatility by the industry,” said Thomas P. Gallagher, Chairman of MGEX and Chairman & CEO of MIAX.  “Our investment in experienced staff, advanced technology and the implementation of innovative fee programs is attracting a diverse group of market participants that are helping to create a new volatility trading ecosystem.”

The SPIKES Volatility Index is calculated and disseminated every 100 milliseconds, offering best-in-class accuracy and stability as a result of its proprietary price-dragging technology. Futures on the SPIKES Index allow traders to benefit from the Index’s innovative design features, including its truncation methodologies and underlying SPY option component liquidity.

“Our record volume reflects the industry’s appreciation of a new volatility index that is reliable, accurate and reflects real-time volatility measures,” said Mark G. Bagan, CEO and President of MGEX. “SPIKES Futures address competitive needs in today’s marketplace, offering the same exposure as competing products at a significantly lower cost, and we believe recent volume milestones reflect the value of SPIKES Futures and the unique features of the SPIKES Index.”

Added Simon Ho, CEO of T3 Index, “Continued growth in volume is a testament that traders see the value the SPIKES index brings to the market. We are pleased that volumes in SPIKES Futures are at record levels and look forward to seeing this trend continue.”

SPIKES Futures contract specifications, trading rules, pricing and interface specifications are available on the MGEX website at www.mgex.com. Additional information regarding SPIKES Futures can be found at www.MIAXoptions.com/spikes/futures.

Corporate Communications Contacts:

MIAX
Andy Nybo, SVP, Chief Communications Officer
609-955-2091 
[email protected]  

About MIAX

MIAX’s parent holding company, Miami International Holdings, Inc., operates and manages Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), the Minneapolis Grain Exchange, LLC (MGEX), and the Bermuda Stock Exchange (BSX).

MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s industry-leading technology and infrastructure to provide U.S. listed options trading to their member firms. MIAX serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). In addition to options, MIAX Pearl facilitates the trading of cash equities through MIAX Pearl Equities™.

MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a Notice Registered Securities Futures Product Exchange with the SEC. MGEX serves as the exclusive market for a variety of products, including Hard Red Spring Wheat and SPIKES Futures. In addition, MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and cash market services in an array of asset classes.

The BSX is a leading electronic international securities market regulated by the Bermuda Monetary Authority, specializing in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities. A full member of the World Federation of Exchanges and affiliate member of the International Organization of Securities Commissions, the BSX is globally recognized, including by the SEC.

MIAX’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL, Minneapolis, MN, and Hamilton, Bermuda.

To learn more about MIAX visit www.MIAXOptions.com.

To learn more about MGEX visit www.mgex.com.

To learn more about the BSX visit www.BSX.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

SOURCE MIAX

Related Links

https://www.mgex.com

GoldenTree Announces Closing of $640 Million CLO Under GLM Strategy

NEW YORK, Aug. 3, 2021 /PRNewswire/ — GoldenTree Loan Management II (“GLM II”) and its affiliated investment manager GoldenTree Asset Management (along with other affiliated investment managers “GoldenTree”), announced the closing of a $640 million collateralized loan obligation (“CLO”) to be managed by GLM II. With the closing of this CLO, GoldenTree Loan Management US CLO 10 (“GLM US CLO 10”), GoldenTree has issued 16 CLOs totaling over $9 billion under its GLM CLO strategy. Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations. While a US Court of Appeals ruling on February 9, 2018 led to repeal of risk retention for open market CLOs, GLM CLOs are intended to continue to comply with European Union and United Kingdom Risk Retention regulations.

GLM US CLO 10 will initially be backed by a 100% ramped $640 million portfolio of senior secured loans as of closing and will have a five-year reinvestment period and a two-year non call period. The CLO was arranged by a bank syndicate including Morgan Stanley as structuring lead, and BofA Securities and Wells Fargo Securities as co-leads. The syndicate globally distributed the rated notes issued by the CLO, while GLM II invested in the CLO’s equity.

GLM US CLO 10 issued $386 million of AAA rated senior notes with a coupon of L+1.10%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of L+1.70%.

Since its inception in 2000, GoldenTree has issued over $19 billion of CLOs/CBOs, with over $11.5 billion currently outstanding. GoldenTree’s investment team is comprised of over 60 individuals covering over 20 industries and having, on average, 15 years of experience. In addition, GoldenTree has been an active investor in structured credit since 2007 and currently manages over $6 billion of structured products investments across the firm.

About GoldenTree

GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, distressed debt, structured products, emerging markets, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steve Tananbaum and is one of the largest independent asset managers focused on credit. GoldenTree manages nearly $45 billion for institutional investors including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has approximately 250 employees, with offices in New York, London, Singapore, Sydney, Tokyo, Dublin and West Palm Beach. For more information, please visit www.goldentree.com.

For further information contact:

SOURCE GoldenTree Asset Management

Related Links

https://www.goldentree.com

GFL Environmental Inc. Announces Proposed Private Offering of Senior Notes

VAUGHAN, ON, Aug. 3, 2021 /PRNewswire/ – GFL Environmental Inc. (NYSE: GFL), (TSX: GFL) (“GFL”) today announced that it is planning to commence, subject to market and other conditions, a private offering of US$400 million in aggregate principal amount of senior notes due 2029 (the “Notes”). GFL intends to use the net proceeds from the offering of the Notes (the “Notes Offering”) for general corporate purposes, including acquisitions.

The Notes being offered by GFL in the Notes Offering have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada.

This release shall not constitute an offer to sell or a solicitation of an offer to buy any security, nor shall there be any offer, solicitation or sale of any security in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities throughout Canada and in 27 states in the United States. Across its organization, GFL has a workforce of more than 15,000 employees.

Forward-Looking Information

This release includes certain “forward-looking statements”, including statements relating to the potential for an offering and issuance of the Notes by GFL and the use of proceeds therefrom. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by GFL as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the “Risk Factors” section of GFL’s annual report for the 2020 fiscal year filed on Form 20-F and GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. These factors are not intended to represent a complete list of the factors that could affect GFL. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. GFL undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.

For more information:

Patrick Dovigi
+1 905-326-0101
[email protected]

SOURCE GFL Environmental Inc.

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Bausch Health Announces Plans To Pursue An Initial Public Offering Of Solta Medical

IPO Would Unlock Value in a Medical Aesthetics Leader

Transaction Will Enable Bausch Health to Continue to Execute on its Previously Announced Spinoff of its Bausch + Lomb Eye Health Business

LAVAL, QC, Aug. 3, 2021 /PRNewswire/ — Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company”) today announced that it plans to pursue an initial public offering (IPO) of its Solta Medical business (“Solta”). Solta is a leading global provider in medical aesthetics with innovative and effective skin rejuvenation and body contouring solutions, including the Thermage® RF systems, Fraxel® laser, Clear + Brilliant® laser and VASER® ultrasonic systems.

Pursuing an IPO of the Solta business is intended to achieve two important objectives for Bausch Health:

  • Enable the Company to pay down debt, which is an important step in the previously announced spinoff of the Bausch + Lomb eye health business from Bausch Pharma1, and
  • Unlock the value of this high-growth business and give Bausch Pharma ownership of a valuable financial asset that would compare more favorably to other medical aesthetic companies.

The timing of the anticipated IPO, which will be tied to certain conditions and approvals and the Company’s completion of several important actions, is anticipated to occur in the fourth quarter of 2021 or first half of 2022, subject to market conditions.

Solta, which is currently reported as part of the Ortho Dermatologics segment, had 2020 revenues of $253 million and a revenue CAGR2 of 32% (2017-2020).

Scott A. Hirsch Appointed CEO of Solta Medical
Scott A. Hirsch has been appointed chief executive officer of Solta3 by the Board of Bausch Health. Mr. Hirsch joined Bausch Health in 2016 and currently serves as president, Ortho Dermatologics and OraPharma and as Chief Strategy Officer. He joined Bausch Health from Citadel Investment Group, where he oversaw equity investments and risk management decisions within the Health Care sector at Surveyor Capital.

Mr. Paul S. Herendeen will serve as chairman of Solta effective upon the IPO. Mr. Herendeen joined Bausch Health as executive vice president and Chief Financial Officer in 2016 and served in that capacity until June 2021 when he was appointed Advisor to the Chairman and Chief Executive Officer.

As the process commences, the Company will provide additional information on the remainder of the future management team and Board of Directors.

As a publicly traded company, Solta will be domiciled in Canada and is intended to be listed and trade on the Nasdaq stock exchange.

Bausch Health will need to take several steps to facilitate the IPO. There are several important internal and external considerations, approvals and conditions that will drive the ultimate timing and structure of any transaction, including, but not limited to, consideration of one-time costs; capital market conditions; determination of the pro forma capitalization of Solta; finalization of employment terms with certain key personnel; and compliance with U.S. securities laws and stock exchange rules. Many of these considerations, approvals and conditions will be influenced by and/or be dependent on the specific structure that is ultimately selected.

Davis, Polk & Wardwell in the United States and Osler, Hoskin & Harcourt in Canada are acting as lead legal counsels.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

About Solta Medical
Solta Medical, part of the Ortho Dermatologics business of Bausch Health Companies Inc., is a leading global provider in medical aesthetics that provides innovative and effective skin rejuvenation and body contouring solutions. Solta’s vision is to develop and support trusted aesthetic brands that provide value and lasting growth to physicians and patients. These include the Thermage® RF systems, Fraxel® laser, Clear + Brilliant® laser and VASER® ultrasonic systems. More than six million procedures have been performed with Solta’s portfolio of products around the world.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people’s lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health.

Forward-looking Statements
This news release may contain forward-looking statements about a potential IPO or transaction involving Solta, which may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions, including statements about the timing of completion of the transaction. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks relating to the transaction not being timely completed, if completed at all, including due to unfavorable market or other conditions; risks related to the receipt of (or failure to receive) the regulatory approvals required in connection with the transaction and the timing of receipt of such approvals; the possibility that the other approvals for or conditions to the transaction are not received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the transaction; business disruption during the pendency of or following the transaction; diversion of management time on transaction-related issues; the ability to retain Solta management team members; risks related to the reaction of customers and other parties to such transaction; the impact of such transaction on relationships with customers, suppliers, employees and other business counterparties; and other events that could adversely impact the completion of the transaction, including industry or economic conditions outside of Bausch Health’s control. In particular, Bausch Health can offer no assurance that any IPO will occur at all, or that any such transaction will occur on the timelines anticipated by Bausch Health. In addition, actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health’s overall business, including those more fully described in Bausch Health’s most recent annual report on Form 10-K and detailed from time to time in Bausch Health’s other filings with the U.S. Securities and Exchange Commission and the Canadian securities administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the COVID-19 pandemic, including a possible resurgence of the virus and variant strains thereof and its impact on access to health care products and services, the availability and use of effective vaccines, the imposition of new social restrictions, disruptions in Bausch Health’s supply chain and distribution channels or the ongoing macroeconomic and health care recovery from the impacts of the COVID-19 pandemic in 2020. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

1 The remainder of Bausch Health is referred to as “Bausch Pharma” and will assume a new name upon the separation of the Company’s eye health business, Bausch + Lomb.
2 Compound Annual Growth Rate
3 The Company Board has proposed that this individual be appointed as CEO of Solta.

SOURCE Bausch Health Companies Inc.